Bangkok: Prime Minister Narendra Modi proposed significant measures concerning trade, business, and regional cooperation within the BIMSTEC countries at the 6th BIMSTEC Summit in Bangkok. One step suggested was the linkage between India's Unified Payment Interface (UPI) with the payment systems of BIMSTEC nations, aimed at enhancing the interaction and trade and thereby facilitating tourism.
The Prime Minister further proposed an overarching set-up for the enhancement of intra compatibility with each of the member nations of the grouping: starting up with the BIMSTEC Chamber of Commerce and organizing a yearly Business Summit. This measure was followed by the further exploration of promoting trade in local currencies in the region with an aim to reduce reliance on foreign currencies and gain smoother transactions.
The premier also offered his condolences to the two nations while suggesting mechanisms to alleviate their suffering due to the earthquake damage of 28 March. Prime Minister Modi had earlier mentioned the configuration of a center pertaining to Disaster Management under BIMSTEC in India to focus upon enhancing preparedness, response, and rehabilitation in times of crisis.
Moreover, squeezing security concerns into account, PM Modi's second point was in making a proposition to create a Home Minister's Mechanism on countering cyber crimes, terrorism, and human trafficking, the first meeting of which could be convened in India. Similarly, formation of a Sustainable Maritime Transport Centre in India is being suggested as a necessary means for promoting maritime cooperation, security, and trade.
It is expected that the implementation of these proposals would enhance regional connectivity, trade, and security, thereby fostering the overall well-being of the BIMSTEC member States.
[Source Credit: NDTV]
